Striker Oil & Gas, Inc. has increased its acreage position to 9,000 gross acres in its Catfish Creek Prospect located in East Texas.

Striker has drilled two wells on this prospect and expects to begin gas production pending the installation of its gas pipeline that is scheduled to be completed in the 4th quarter of 2008. In addition, Striker is scheduled to begin drilling the first of three wells in October and anticipates having all three drilled by the end of the year.

These additional three wells will be drilled to test the Pettit and Rodessa formations which are found in our initial two successful wells. Striker has a 33% working interest before payout and a 25% working interest after payout to depths of 14,800’ of this prospect.

“We are pleased to have increased our acreage position in Catfish Creek and look forward to having the pipeline and the three additional wells completed by the end of the year,” said Kevan Casey, Chief Executive Officer of Striker. “These wells, if successful, will significantly add to our production and reserves and should greatly increase our shareholder value.”

Tags: Striker Oil & Gas